2024 IRS FSA and Commuter Benefit Limits

The IRS recently announced the following new limits that are effective January 1, 2024.

 

2024 Annual Limit for Flexible Spending Accounts (FSA):

The annual maximum amount you can contribute on a pre-tax basis to a Health Care Flexible Spending Account or a Limited Purpose Flexible Spending Account in 2024 will increase to $3,200.    The 2024 benefits enrollment system has been updated to reflect the new limit for elections made during annual enrollment.

 

2024 Monthly Pre-Tax Commuter Benefit Limits:

The monthly pre-tax limit for  parking and transit benefits will remain at  $315 per month effective January 1, 2024.